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Boule Diagnostics: Instrument sales to drive growth in Q1e - ABG

Q1'24 results due 7 May
'24e-'26e EBIT up 0.8-1.6% due to FX
29-39% below historical NTM P/E and NTM EV/EBIT


Q1'24e expectations

We forecast 4.3% organic growth in Q1 and EBIT of SEK 10.7m, down from SEK 12.1m in '23e due to an estimated SEK 3m in non-recurring costs related to the change of CEO during Q1. For Q1, we forecast sales of SEK 149.2m, driven by 14% growth in instrument sales but flat development for consumables. We expect to see continued good development for consumables to OEM (+10% growth), but -5% growth in sales of consumables to their own instruments. In total, we forecast instrument sales of SEK 47m and consumables sales of SEK 91m in Q1. In terms of gross margin, we forecast 43.5% for Q1, down from 46.1% in Q1 '23 due to the product mix
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